Budgeting, Spending Wisely Can Avoid Financial Hangover In January

Homeport Senior Counseling Advisor Layden Hale says the financial nausea many consumers feel after the holidays is a lot like the old “I Can’t Believe I Ate The Whole Thing” Alka-Seltzer commercial.

Many consumers exercise little spending control once Black Friday inaugurates Holiday Season “sales.” Come January, their financial pain is like the upset stomach of the overeating man in the antacid commercial, Hale said.

In January, Homeport will offer a 10-hour course on financial fitness, including educating individuals on how to better prepare for the 2015 Holiday Season.

In the meantime, Homeport counselors have suggestions on how to reduce damage this season if you have not planned your spending:

“It becomes harder to spend when you see the money dwindling away,” Hale concurs.

Leaving home with a single credit card at least creates a debt ceiling, whereas if you are carrying multiple cards you risk significantly adding to your debt as you fail to resist purchasing gifts for yourself, relatives, friends and co-workers.

Comparative shopping on the internet can be beneficial. While the word “Sale” might be tempting, you might surprise yourself with a cheaper buy by looking at what other stores or companies are pricing a product, particularly high-end electronics.

One of the best ways to control your urges is to develop a holiday season spending plan, identifying the likely cost for presents, decorations and food.

Whitman and Hale say when planning, budgeting and buying, one should purchase with a question in mind: “Is it a need or want?”

In many cases, people buy things that are not needed but spend the rest of the year paying it off, Hale said.

By investing a portion of Affordable Housing Trust funds to fill the gap between value and cost of new or rehabilitated housing, the Trust can raise market values, stimulate private development, and contribute to neighborhood revitalization.

M/I Homes has been an active supporter of numerous charitable and civic organizations throughout Central Ohio. In 1987, with M/I Co-Founder Irving Schottenstein’s vision and leadership, the non-profit organization now known as Homeport was created.